NovaGold Resources (TSE:NG) Trading Up 4.2% – Still a Buy?

NovaGold Resources Inc. (TSE:NG) traded up 4.2% during mid-day trading on Tuesday . The company traded as high as C$13.56 and last traded at C$13.49. 950,621 shares were traded during trading, an increase of 46% from the average daily volume of 652,852 shares. The stock had previously closed at C$12.95.

Analyst Upgrades and Downgrades

NG has been the topic of a number of research reports. Scotiabank raised shares of NovaGold Resources to a “strong-buy” rating in a research note on Wednesday, May 6th. B. Riley Financial upgraded shares of NovaGold Resources to a “strong-buy” rating in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Strong Buy” and an average target price of C$18.00.

NovaGold Resources Stock Up 4.2%

The stock has a market capitalization of C$5.92 billion, a P/E ratio of -84.31 and a beta of 3.63. The stock has a 50 day simple moving average of C$9.48 and a two-hundred day simple moving average of C$11.69.

NovaGold Resources (TSE:NG) last announced its quarterly earnings data on Wednesday, June 24th. The company reported C($0.06) earnings per share (EPS) for the quarter.

About NovaGold Resources

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 40 million ounces of gold in the Measured and Indicated Mineral Resource categories (560 million tonnes at an average grade of approximately 2.22 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)5, inclusive of Proven and Probable Mineral Reserves, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world.